7 Best Life Insurance Companies In 2022 | Pros & Cons | Overview | Compared

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Life Insurance is an incredible method for securing your family monetarily in case of your demise. And the best life insurance companies can assist you with tying down sufficient inclusion to supplant your pay, settle obligations, or cover expenses your family will confront like paying for your youngsters’ schooling or really focusing on aged guardians.

Best Life Insurance Companies of 2022

  1. Best Overall: Prudential
  2. Best Instant Issue: State Farm
  3. Best Value: Transamerica
  4. Best Whole Life: Northwestern Mutual
  5. Best Term Policies: New York Life
  6. Best for No Medical Exams: Mutual of Omaha
  7. Best for Military: USAA

TAKE NOTE:

A lot of insurance companies require new applicants to be gender specific, either “male” or “female”, when applying for insurance and as such, they don’t consistently offer a possibility for individuals who opt as nonbinary or trans-sexual.

However, while being nonbinary doesn’t preclude you from getting covered, you should know that most insurance companies haven’t refreshed their guaranteeing cycles to mirror a familiarity with gender issues.

7. BEST FOR MILITARY : USAA

  • AM Best Rating: A++[16]
  • Types of Life Insurance: Two
  • Issue Ages: 0-85
PROSCONS
Easy to get quotes for life insurance onlinePremiums may be higher than some competing companies
Purchase term coverage or permanent life insurance
Excellent ratings for financial strength
Life Insurance products are available to the public

Overveiw

USAA is a supplier of insurance and banking items for U.S. military individuals and veterans. Established in 1922, the organization has developed from humble beginnings to turn into a supplier of life insurance, auto insurance, checking and savings accounts, and many other products military members need in their lives.

Right now, USAA has quite recently under 13 million individuals and the disaster protection part of the organization flaunts phenomenal evaluations. These incorporate an A++ rating from AM Best just as an AA+ rating from Standard and Poor’s.17

Read the full USAA life insurance review.

6. BEST FOR NO MEDICAL EXAMS: Mutual of Omaha

  • AM Best Rating: A+[14]
  • Types of Life Insurance: Four
  • Issue Ages: 0-85
PROSCONS
Excellent ratings for financial strengthMust apply for eligibility of coverage with no medical exam
Easy to get a quote online
Apply for certain term and whole life products without a medical exam

Overview

Initially established in 1909, Mutual of Omaha has become colossal throughout the long term and is currently a provider of life insurance, long haul life insurance, annuities, ventures, and that’s just the beginning. As far as monetary strength, Mutual of Omaha has an A+ rating with AM Best and an A+ rating with S&P Global. Also, Mutual of Omaha got the 5th spot out of 23 in the J.D. Power 2020 U.S. Life Insurance Study with 789 points out of a potential 1,000.

Read the full Mutual of Omaha life insurance review.

5. BEST TERM POLICIES: New York Life

  • AM Best Rating: A++[12]
  • Types of Life Insurance: Four
  • Issue Ages: 0-90
PROSCONS
Company has excellent financial ratingsNo online quotes
A long history that began in 1845Must speak with a financial advisor for coverage options
Four main types of life insurance coverage are available

Overview

New York Life has been in existence ever since the dawn of 1845, which is a great attestation to its reliability in the market. But aside history, the company possess high ratings for financial strength, including an A++ rating from AM Best and an AA+ rating from Standard & Poor’s. Additionally, the New York Life occupies the 6th spot in the J.D. Power 2020 U.S. Life Insurance Study, which compared 23 companies based on customer service satisfaction and other several factors as well.

Read the full New York life insurance review.

4. BEST WHOLE LIFE: Northwestern Mutual

  • AM Best Rating: A++[9]
  • Types of Life Insurance: Three
  • Issue Ages: 18-80
PROSCONS
Excellent ratings for quality and financial strength
Must work with a financial advisor to get a quote
Term life, whole life, and universal life insurance offered

Overview

Northwestern Mutual has been in business since 1857, and it also has high ratings that demonstrate its commitment to procuring quality products and services in terms of life insurance. Not only does the company boast of an A++ rating from AM Best and an AA+ rating from S&P Global, but it also earned high marks for customer satisfaction in the J.D. Power 2020 U.S. Life Insurance Study.

Read the full Northwestern Mutual life insurance review.

3. BEST VALUE: Transamerica

  • AM Best Rating: A[7]
  • Types of Life Insurance: Five
  • Issue Ages: 18-80
PROSCONS
Premiums for term life insurance represent a significant valueMust speak with an agent to get a quote for some products
Strong ratings for financial strength

Overview

Even though Transamerica may not be all that popular but this company has been around since 1904 and has likewise achieved high ratings for financial strength, including an A rating with AM Best and an A+ rating with S&P Global. The company scored well below average in the J.D. Power 2020 U.S. Life Insurance Study, though, with only 734 points out of 1,000 possible.

Read the full Transamerica life insurance review

2. BEST INSTANT ISSUE: State Farm

  • AM Best Rating: A++[3]
  • Types of Life Insurance:Three
  • Issue Ages:18-75
PROSCONS
State Farm extends some term policies without a medical examNo life insurance offered in Massachusetts
Free quotes for term life insurance coverage online
Excellent ratings for financial strength and customer satisfaction

Overview

State Farm comes as yet another insurance company with a longtail history. Established in 1922 by one farmer who had just retired, State Farm has grown from grass-to-grace to offer a broad range of insurance products today. Presently, State Farm ranks at number 39 on the Fortune 500 list of largest companies. The company has an A++ rating for financial strength from AM Best, which is the highest rating possible.

Read the full State Farm life insurance review.

1. BEST OVERALL: Prudential

  • AM Best Rating: A+[1]
  • Types of Life Insurance:Four
  • Issue Ages:18-75
PROSCONS
Get an instant quote for term life insurance onlineNo online quote for permanent life insurance coverage
Excellent ratings for financial strength
Multiple riders can be added to your policy

Overview

In the likes of Northwestern Mutual, Prudential Financial emerged far back in the 19th century dated as at 1873, for which reason its reliability is affirmed. The Prudential Insurance Company of America also boasts an A+ rating with AM Best, as well as an AA- rating with Standard & Poor’s in terms of its financial strength.

Read the full Prudential life insurance review.

The 7 Best Life Insurance Companies Compared

CompanyAM Best RatingCoverage CapacityIssue AgesPolicies Offered
Prudential
Best Overall
A+ Not Stated18-75Term, variable, and  universal
State Farm
Best Instant Issue
A++ Not Stated18-75Term, whole, and universal
Transamerica
Best Value
Not Stated 18-80Term, whole, universal, and final expense
Northwestern Mutual
Best Whole Life
A++ Not Stated0-80Term, whole, and universal
New York Life
Best Term Policies
A++ $5,000,000 and up 0-90Term, whole, and universal
Mutual of Omaha
Best for No Medical Exams
A+ $100,000 and up (term life)0-85Term, whole, universal, children’s, and accidental death
USAA
Best for Military
A++$10,000,0000-85Term and permanent

Source: Investopedia